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Shares of Jindal Steel and Power Ltd fell as much as 7.6 per cent to Rs 94.45, their lowest since February 20, 2017.
The steelmaker rejected speculation/ rumours of payment default in a statement. “Business is going on as usual and normal and company is generating adequate cash” - MD (Designate), V.R. Sharma said.
“The company is on track to deliver its highest ever volumes this year and should be able to generate better returns for its stakeholders,” the statement said.
The company is to report Q1 results on August 14. Up to last close, the stock had fallen 38 per cent this year.
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